Fed penalizes Evolve Bank for failing to manage fintech partnership risk

The Federal Reserve announced Friday it had ordered Evolve Bancorp Inc to bolster its risk management programs around fintech partnerships as well as anti-money laundering laws. The Fed said in a statement that a 2023 examination of the Arkansas-based bank found insufficient policies in place. It added that the new enforcement action, which did not […]

Morning Bid: The day after the Fed

It’s back to the markets versus the U.S. Federal Reserve. While the central bank on Wednesday pushed out the start of rate cuts to perhaps as late as December, markets (and many economists) beg to differ. Traders price a roughly 65% chance of a quarter point move in September and more or less fully price in […]

Moelis puts banker on leave after incident in Brooklyn

Investment bank Moelis & Co (MC.N), opens new tab said on Monday that one of its employees is on leave after being involved in a “serious incident” in Brooklyn on Saturday. “We are aware that one of our employees was involved in a serious incident in Brooklyn on June 8,” a spokesperson for the bank said in […]

New Era Cap to acquire ’47 in lifestyle brand tie-up, sources say

New Era Cap, a supplier of major U.S. sports league headware, has agreed to acquire sports lifestyle brand ’47, people familiar with the matter said on Thursday. The deal between two family-founded brands will create a company that generates around $2 billion in annual revenue, the sources said, requesting anonymity ahead of an official announcement. […]